Ethereum ($ETH), the second largest cryptocurrency by market cap after bitcoin, has crossed a new milestone above $4,000 for the first time ever.
Ethereum now has a market cap of over $470 billion as the digital currency continues to see massive adoption within the Decentralized Finance (DeFi) space.
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RECOMMENDED READING: Ethereum Locked on DeFi is Almost 2X More Than on Centralized Exchanges as UniSwap V3 Launches
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Ethereum has already rallied over 30% in just one week since it crossed the $3, 000 mark.
Below are some of the speculative reasons for the rise in Ethereum value:
- Asset management firm VanEck has filed a proposal for an Ethereum exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) – If approved, it would be the first crypto exchange-traded fund in the US
- The rise of DeFi – The amount of ETH held on decentralized exchanges and platforms is now almost twice as much as what is available on centralized exchanges
- The total value of ETH locked on DeFi has almost doubled in just week – From $77B to $150B as of May 10, 2021
The new $470 billion market cap now places Ethereum above Walmart and Johnson & Jonson in valuation and just slightly below financial services giant, JPMorgan Chase, which has a market cap of $488 billion.
There is no doubt that DeFi is eating up ETH as locked assets on DeFi protocols have gone up by over 75% in the past one year and has accelerated in 2021 to see the asset gain over 18% market dominance.
The emergence of new chains has also seen the value of ETH go up as these protocols continue to lock up more ETH such as the Binance Smart Chain (BSC) and Solana.
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Come learn about the current state of Decentralized Finance (DeFi) in the upcoming class (May 15, 2021) with one of Africa’s most popular DeFi traders:
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RECOMMENDED READING: UniSwap (UNI) Becomes the First DeFi Token Among Crypto’s Top 10 After Crossing $14 Billion on CoinMarketCap
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